CBI announced conditions of Illegal & Counterfeit Banknotes

The Central Bank of Iraq has set the conditions on non-negotiable banknotes restored after being deposited in the CBI. The Iraqi Central Bank issued a statement on Monday that the banknotes will be considered counterfeit or illegal if it applies one of the descriptions and reward the holder immediately with their entire value deposited to the branches of government and private banks, and submitted in their accounts with the corresponding amount at the Central Bank of Iraq. The bank added that one of the conditions of banknotes will be illegal for trading. This condition indicates that smuggled or damaged banknotes either not torn or losing a part of it will not be traded, including the damaged banknote paper due to exposure to water. The statement also indicated that the banknote will be unusable if it consists of two parts having different numbers.

Central Bank of Iraq

The CBI further said in the statement that one of the other conditions is that the banknote will be illegal if attached or fixed with a transparent tape, or more length/ width as compared to original, or if the banknote was cut in more than one angle. The bank added that the other conditions restrict their circulation if it contains seal stamp or writing, but don’t affect outside presence of banknote. The banknotes losing 50% of its area will not be traded legally. The bank pointed out that other conditions include if the monetary paper stuck strange materials such as inks, oils, glues, and fats. If the banknote drilled, holed or punctured, it will not be traded legally. It is important that the currently circulating banknotes in the Iraqi local markets have been damaged and destroyed without any exchange with new banknotes. Most experts believe that current measure implemented by the CBI will be more beneficial in preventing counterfeit and smuggled currency from circulation.

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